In a recently unveiled personal account, called Ithaki, the former prime minister Tsipras pulls no punches while he revisits the chaotic era of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's version, he selected that maverick academic Varoufakis to be his finance minister largely because of his international reputation and his very persuasive skills when it came to communicator.
“He was, truthfully, more of a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief had his own motives that involved advancing his books as well as testing out his theories using Greece instead of truly fighting for the country's economic stability.
Tsipras explained that the discussions to stave off insolvency became “not only a way to secure improved terms for Greece. They were a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid tense discussions, Greece found itself dangerously close to leaving the eurozone.
At stake was both Greece's destiny but also those harsh cutbacks demanded in exchange for rescue loans from international creditors.
Failed Alternatives
Attempts to find funds elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country was equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the harsh conditions were put to a popular referendum, a move that plunged the EU into deeper existential crisis.
Although the referendum was carried decisively by voters who opposed the cuts, the prime minister was forced but to ignore the result then negotiate a bailout package with foreign lenders which proved to be tougher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who graced the covers of publications globally … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy that included creating a parallel currency as well as distributing vouchers to pensioners, the leader knew it was the end questioning Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras further claimed how Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, while helped hardliners that were advocating a Greek exit from the euro.
The account of history has provoked fury and stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
